The stock of Orissa Mineral Development Company (OMDC) hit the 20 per cent upper circuit at Rs 36,377 a share after the company announced that it has has obtained environment clearance from the Union Ministry of Environment and Forests (MOEF) on July 24 for its Kolha-Roida iron ore and manganese mines in Odisha.
The company has planned to resume production of three million tonnes a year (mtpa) of iron ore and 0.24 mtpa of manganese ore at the Kolha-Roida mines complex, spread over 254.952 hectares in Keonjhar district of Odhisha.
Public sector engineering company Hindustan Steelworks Construction Ltd has already been assigned the contract mining job for a portion of the complex.
The listed miner has engaged Mecon for suggestions on the resumption of operations, including mechanisation of mining activity, and manning. Its three mining licenses in Odisha need to be renewed. All three mines are currently non-operational.
OMDC is preparing a new comprehensive blueprint for restarting commercially viable mining activity including a plan for evacuation of ores, building a new mining operation team and deployment of equipment.
OMDC wants to ready a plan for 373 contract labour, mostly unskilled or semi-skilled. The company also decided to take up in-house operations in some of its mine lease areas.